(MENAFN) According to Mohamed Farid, the head of the Egyptian Financial Supervision Authority, Egypt is currently in the process of developing a third fund aimed at investing in gold through one of the entities associated with the National Bank of Egypt. Farid revealed that the number of clients enrolled in the two existing gold investment funds in Egypt has surpassed 102,000, signaling a growing interest in gold as an investment option among Egyptian citizens.
Farid emphasized the Authority's role in fostering a conducive environment for the launch of the initial gold investment fund, which serves as one of the investment alternatives offering diverse opportunities to investors. During a meeting with a delegation from the World Gold Council, he highlighted the significance of these funds in supporting the Egyptian government's efforts to promote financial inclusion. Notably, individual investors can access gold investment opportunities through these funds, with financial contributions starting from as low as 100 Egyptian pounds. Additionally, investors have the flexibility to make payments through various electronic and traditional channels.
The management of these funds falls under the purview of experienced companies specialized in fund and portfolio management, all of which are duly licensed by the Financial Regulatory Authority. This regulatory oversight ensures adherence to established standards and safeguards the interests of investors. Overall, the expansion of gold investment funds in Egypt reflects a strategic initiative aimed at broadening access to investment opportunities and enhancing financial inclusion across the country.
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